LONDON-Another company has left the UK quoted sector as Compco Holdings succumbs to a £147 million ($245 million) bid from City & General Securities. The Compco board recommended the cash offer of 393 pence ($6.50) per share, which represents a premium of 68% to the closing price on 6 May 2003, the day before City & General’s initial approach.

At a time when many property company shares are trading at a 40% discount to net asset value, the City & General offer shows a discount of just 8%. Chairman Kenneth Rubens said: “Shareholders who took shares in the June 1995 re-listing and placingof Compco shares will have seen a compound annual return of over 20%.”

And Rubens said the offer came against a deteriorating market backdrop. “The Central London office market, which remains our principal sphere ofactivity, continues to experience weakness, with an increasing supply ofavailable space and falling rent levels,” he said.

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